Secret back doors had been established that allowed SBF's other company, Alameda Research, to access money belonging to FTX customers and make risky b

Sam Bankman-Fried: Disgraced 'crypto king' jailed for 25 years after stealing billions of dollars from FTX customers

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2024-03-28 16:00:31

Secret back doors had been established that allowed SBF's other company, Alameda Research, to access money belonging to FTX customers and make risky bets without their knowledge.

Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers.

He was the chief executive of FTX, which suddenly went bankrupt in November 2022 - leaving millions of users frozen out of their accounts and unable to make withdrawals.

The 32-year-old could have faced up to 100 years behind bars - but last month, his lawyers argued such a sentence would have been "barbaric" and a five-year term would be more appropriate.

Prosecutors had asked the judge to jail Bankman-Fried for 40 to 50 years, arguing the public need protecting from the fraudster and a harsh punishment would deter other criminals.

Secret back doors had been established that allowed SBF's other company, Alameda Research, to access money belonging to FTX customers and make risky bets without their knowledge.